Tesla stock falls as CEO appears to smoke marijuana on video

08/09/2018

Tesla's Elon Musk provoked another Twitter storm on Friday by briefly smoking marijuana on a live web show with comedian Joe Rogan. Chief accounting officer Dave Morton announced in a filing Friday that he had left the company this past Tuesday after only a month on the job.

"After two weeks or so at the company, Morton concluded he wasn't being heard or understood", according to the CNBC story, which quoted an anonymous source close to Morton.

Morton and Toledano, whose departures come shortly after the U.S. Securities and Exchange Commission opened an inquiry into Musk's aborted privatization plan, join dozens of senior executives who have left Tesla. In between topics, Musk took a moment to take a hit of a joint which reportedly contained a blend of tobacco and weed, substances which can be legally consumed for recreational purposes in California.

The latest drop in Tesla's stock has caused Consumer Edge analyst James Albertine to call for the company to appoint another senior leader to support Elon Musk.

Overall, Morton appears to have parted ways with Tesla amicably, stating that he still believes in the company's overall mission, as well as its future prospects.

As of writing, Tesla stock is down 6.64% at $263.13 per share.

When The New York Times asked Musk if he was smoking when he made the tweet, Musk replied, "Weed is not helpful for productivity".

Musk announced later in August that the company would remain public. Later Musk says he doesn't notice any effect from the joint, which he claims he rarely smokes. As noted, Musk once tweeted that he was considering selling shares of his company for $420. The Model 3 starts at $35,000, although the cheapest one that can be purchased at present costs $49,000.

Moody's Investor Service downgraded Tesla's debt into junk territory in March, warning that the Palo Alto firm will not have cash to cover $3.7 billion (€3.2bn) for normal operations, capital expenses and debt that comes due early next year.

Morton joined the company as chief accounting officer with the expectation he would eventually take over for Deepak Ahuja as CFO, the person said. The report, which was published by electric car-themed news site InsideEVs, estimated that the Tesla Model 3, Model S, and Model X, were the Top 3 electric cars in the USA in August.

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